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Russia's Finance Ministry Proposes Registering Cryptocurrency Miners and Licensing Exchanges

Regulation

At a meeting of regulators on Monday, the Russian Finance Ministry proposed to register cryptocurrency miners as well as to license exchanges dealing with them. A State Duma Deputy also made a proposal to officially legalize mining in order to tax miners and to only allow banks to exchange cryptocurrencies to rubles.

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Registering Miners & Licensing Exchanges Yana Pureskina, Director of the Financial Policy Department.

At the first meeting of the expert council on financial technologies in the State Duma on Monday, the Russian Ministry of Finance presented its recommendations on the regulation of cryptocurrencies. “The Ministry of Finance proposes to register those who extract cryptocurrencies – the miners,” Tass reported, adding that “the office also proposes to license sites where digital currency is exchanged for traditional cash or non-cash money.”

Speaking on behalf of the finance ministry, Yana Pureskina, the ministry’s Director of the Financial Policy Department, was quoted saying:

In order to counter money laundering and terrorist financing, it is important to establish the duty of registering digital currency issuers, the so-called miners, and to license exchange sites to control the exchange of digital currency for fiat, traditional cash or non-cash money.

She further emphasized that the ministry “considers it expedient to start limiting the number of persons who have the ri...

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